Mortgage Applications Continue to Rise, Up 19% Annually

Homebuyer demand continues on an upward trajectory with total mortgage application volume rising 4.1% last week compared to the week before, according to the Mortgage Bankers Association. Mortgage applications last week grew by 2%, up 19% annually. CNBC reports the group did find some mixed results, such as the average contract interest rate for 30-year fixed rate mortgages with conforming loan balances up to $510,400 increased from 3.19% to 3.20%. Additionally, points for loans with a 20% down payment rose from 0.33 to 0.35. Refinance application volume grew by 5% last week, up 122% from the same week last year.

“Mortgage applications increased last week despite mixed results from the various rates tracked in MBA’s survey,” said Joel Kan, an economist for the trade group. “The average 30-year fixed rate mortgage rose slightly to 3.20%, but some creditworthy borrowers are being offered rates even below 3%.”

That helped push refinance application volume up 5% for the week and up 122% compared with the same week one year ago, according to the ’s seasonally adjusted index data. The refinance share of mortgage activity increased to 64.8% of total applications from 64.2% the previous week.

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